Business

PSX rings in budget week on positive note

Published

3 years ago

Farwa

Traders believe market is expected to remain range-bound till budget announcement.
At close, it records an increase of 0.63% to settle at 41,577.21 points.
Shares of 342 companies were traded during the session.

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Monday following a bloodbath last week as the benchmark KSE-100 began the week with a gain of over 250 points.

Initially, the positivity came from the cement sector as prices in the south region have increased by Rs25 per bag (effective from June 6, 2022) where Lucky Cement, Maple Leaf Cement Factory, DG Khan Cement, and Kohat Cement closed higher.

Furthermore, investors’ interest also witnessed exploration and production where Pakistan Petroleum Limited, Oil and Gas Development Company, and Sui Northern Gas Pipelines (SNGPL) closed higher as Oil and Gas Regulatory Authority (OGRA) raised gas prices for SNGPL and Sui Southern Gas Company by 45% and 44%.

Traders believe the market is expected to remain range-bound until the announcement of the federal budget 2022-23, scheduled for June 10. The outcome of the budget presented will determine the market direction in the future.

The benchmark KSE-100 index opened at 41,577.21 points and at close, it recorded an increase of 262.33 points, or 0.635, to settle at 41,577.21 points.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal

Shares of 342 companies were traded during the session. At the close of trading, 193 scrips closed in the green, 126 in the red, and 23 remained unchanged.

Overall trading volumes dropped to 189.24 million shares compared with Friday’s tally of 225.39 million. The value of shares traded during the day was Rs4.9 billion.

Unity Foods was the volume leader with 33.13 million shares traded, losing Rs0.21 to close at Rs21.07. It was followed by Pakistan Refinery with 16.29 million shares traded, gaining Rs0.09 to close at Rs17.46 and TPL Properties with 11.66 million shares traded, gaining Rs1.29 to close at Rs18.55.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

3 days ago

Farwa

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

Farwa

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

2 weeks ago

Farwa

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.